Armenian startup Wirestock has raised $23 million in investments

Startup Wirestock has raised $23 million in a Series A funding round to expand its data supply business for AI companies.

Previously, the platform helped photographers sell content through Shutterstock and other stock photo agencies, but in 2023, the company shifted its focus and became a provider of multimodal datasets for training AI models.

Today, Wirestock provides AI labs with images, videos, design assets, as well as 3D and gaming content. More than 700,000 authors and designers are registered on the platform.

The round was led by Nava Ventures. Other investors included SBVP, Formula VC, and I2BF Ventures.

Wirestock stated that it is already collaborating with six of the largest foundation model developers, although their names have not been disclosed. The company's annual revenue has reached $40 million, and it has already paid out approximately $15 million to content creators.

The company plans to use the new investment to hire specialists in research, engineering, and product, as well as to develop enterprise software for AI labs to collaborate on datasets.

Source: TechCrunch